Hi guys,
This is the weekly newsletter powered by DeFi Talks, with the help of the Defi Talks Intern Team.
Hope you will enjoy it, feel free to share and ask questions in the comment section.
Support us:
Donate using any EVM-compatible crypto: 0x1db2bC5951A75C61E12C1A5e8C0475FBb9df95eD
And don’t forget to follow us on:
YouTube: https://youtube.com/defitalks
Twitter: https://twitter.com/myDeFiTalks
Telegram: https://t.me/defitalks_updates
Let’s start…
MACRO TALKS:
Continued upward momentum in the markets after the release of last week's positive data.
This week we did not have any big news on the macro side, the only interesting data was retail sales marking +1.3% vs. 1% expected.
Last Friday was the monthly options expiration where we saw about $1.1 trillion of notional value expire. Usually, after these big deadlines, the price tends to lateralize, waiting to see which way the big players will position themselves.
This Monday the German PPI came out showing a decline of -4.2% vs. 0.9%, the largest MoM change in history.
EURUSD reacts by falling 0.7% showing that the market is not 100% pricing in a recession in the eurozone.
As time goes on, we will see more and more deteriorating macro data, and consequently, a closer central bank pivot, which will not allow the economy to collapse (or at least we hope).
Notable the trend of mass layoffs continues among big tech corporations, it would be interesting to see if it will expand to other industries or not. If yes, expect a big spike in the unemployment rate that means a pivot by the FED in the short-term, but potential problems long term speaking.
INTO THE RABBIT HOLE:
DeFi TVL (7d change) according to Defi Llama:
Ethereum: $24.03b (-0.59%)
Bnb chain: $4.92b (-6.58%)
Tron: $4.27b (+3.29%)
Polygon: $1.08b (+1.88%)
Arbitrum: $929.91m (+5.79%)
Top protocol revenues (last 7d) according to Token Terminal:
Lido Finance: $9m (+2,5%)
Uniswap: $8,4m (-67%)
OpenSSL: $5,5m (+16%)
Pancake Swap: 4,1m (-47%)
Gmx 2,7m (-57%)
Venture capital rank by Mcap according to CryptoRank:
Multicoin Capital: $53.92B (-4.79%)
Sequoia Capital: $45.85B (-5.06%)
Circle: $45.79B (-5.27%)
Weekly winners: (data from CoinGecko)
$ OKB +12%
$ GMX +10%
$ TWT +9%
Weekly losers: (data from CoinGecko)
$ TKX -30%
$ NEAR -21,5%
$ CRV -20%
Top stable farm:
USDC on dAMM Finance (Ethereum) → 19.2% APY
PROTOCOL OF THE WEEK:
Have you ever heard about Solidly?
Solidly was created by Andre Cronje, the founder of Yearn Finance and other protocols, with the goal of creating a new AMM with peculiar tokenomics on Fantom.
During this time Fantom experienced an enormous increase in hype due to Solidly release, everyone was trying to find the token address without even knowing the name, new protocols emerged trying to gain TVL in order to make it into the top 20 and secure the veNFT airdrop, it was a mess…
Unfortunately, the protocol wasn’t successful with bugs and too high emissions.
When Andre decided to left Solidly died dragging to oblivion all other protocols built around it.
Today we can say that this saga started a new and maybe better story, with Solidly being forked in other chains like Velodrome on Optimism and more to come…
Now I have a piece of good news for you:
Equalizer, a new Solidl-ish dex on Fantom will airdrop their token to all the users who participated and interacted with Solidly, Solidex, 0xDAO etc.
But there is a twist, the airdrop will be in veEQUAL, which means that it will be locked (for 26 weeks in this case) and will grant you voting power to control and direct $EQUAL emissions.
As they stated “We have chosen this method to reward people who have an understanding of the Solidly system. The more involvement you have had, the more you are rewarded in our airdrop.”
The claim will be available on the 22nd Nov. at 00:00 UTC, there are more than 10k eligible addresses so check here if you are one of them.
Also read their docs here to get a full overview of the airdrop criteria and don’t forget to follow their twitter to remain updated!
Support us:
Donate using any EVM compatible crypto: 0x1db2bC5951A75C61E12C1A5e8C0475FBb9df95eD
And don’t forget to follow us on:
YouTube: https://youtube.com/defitalks
Twitter: https://twitter.com/myDeFiTalks
Telegram: https://t.me/defitalks_updates